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<ul><li>RBI announced the withdrawal of ₹2,000 currency notes from circulation on Friday.</li><li>People possessing these notes can deposit them in their bank accounts or exchange them from May 23 to September 30.</li><li>The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. </li></ul>The Reserve Bank of India (RBI) on Friday announced the withdrawal of ₹2,000 currency notes from circulation, but said that they will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank said in a statement. “In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023,” the statement said. The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said. The facility for exchange of ₹2,000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023. "As witnessed during demonetisation, we expect the deposit accretion of banks could improve marginally in near term. This will ease the pressure on deposit rates hikes and could also result in moderation in short-term interest rates," said Karthik Srinivasan, senior VP, group head - financial sector ratings, ICRA. It may be noted that RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014. The ₹2,000 notes were introduced in 2017, after the government of India went in for <keyword id="6362150" type="General" weightage="20" keywordseo="demonetization" source="Orion">demonetization</keyword> of ₹500 and ₹1,000 notes in November 2016. Prime Minister Narendra Modi announced this decision in a surprise speech that shocked the nation. He said that the move would curtail the shadow economy and encourage cashless transactions.

RBI to withdraw ₹2,000 currency notes from circulation, will continue to be legal tender

<ul><li>There is no reason to rush to banks, there is time for four months, Das said on Monday. </li><li>Will be sensitive to the difficulties faced by people and it’s our endeavour to address the difficulties of people, Das said.</li><li>A PIL has been filed in the Delhi HC against RBI and SBI notifications that permit the exchange of ₹2,000 banknotes without obtaining ID proof.</li></ul> The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday allayed fears regarding the central bank’s decision to pull ₹2,000 banknotes out of circulation. Calling its decision, announced on late Friday, a currency management operation of the RBI,<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-governor-shaktikanta-das-answers-questions-on-rs-2000-note-withdrawal/articleshow/100411073.cms"> Das said he does not see people</a> rushing to banks to exchange or deposit these notes. “There is no reason to rush to banks. There is time for four months," Das said, speaking in New Delhi. On Friday, RBI said in a statement that ₹2,000 banknotes will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank had said. In its statement, the RBI also advised banks to stop issuing ₹2,000-denomination banknotes with immediate effect. About 89% of the ₹2,000-denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. Das also said that the RBI had stopped printing these denominations. Regarding a possible extension to the September 30 deadline, he said that the central bank will take a call after assessing how much of these banknotes come back to the banks. "We assure people who are abroad and within India, we will be sensitive to the difficulties you may face. It will be our endeavour to address the difficulties of people," Das said. The total value of these bank<keyword id="4276824" type="General" weightage="20" keywordseo="notes-in-circulation" source="Orion">notes in circulation</keyword> has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said in its statement. In the meanwhile, a public interest litigation has been filed in the Delhi High Court against RBI and State Bank of India notifications that permit the exchange of ₹2,000 banknotes without obtaining identity proof.

No need to rush to banks as there’s 4 months time says RBI governor on pulling ₹2,000 notes off circulation

<ul><li>The <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> has announced the withdrawal of ₹2,000 notes from circulation.</li><li>The RBI has given time till September 30, 2023 for people to deposit or exchange their ₹2,000 notes.</li><li>Here’s everything you need to know about the withdrawal of the ₹2,000 notes and whether you can still use them.</li></ul> The Reserve Bank of India (RBI) last week<a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms"> announced</a> that it is withdrawing the ₹2,000 notes from circulation. However, unlike during the 2016 demonetisation, the central bank has provided ample time to get the notes exchanged. The news of the withdrawal of the notes is generating a lot of misinformation that is being spread on social media platforms and messaging applications. In this article, we help dispel some of these misconceptions and tell you how you can exchange your ₹2,000 notes. <cmsannotation type="cmsannotation" annotationid="Can you still use ₹2,000 notes?" comment="subhead" text="Can you still use ₹2,000 notes?">Can you still use ₹2,000 notes?</cmsannotation> The central bank has stated that the ₹2,000 notes will continue to be legal tender even after September 30, 2023. At the moment, there is no information from the government about when the notes will lose their legal tender status. According to a Business Standard report, the ₹2,000 notes may lose the legal tender status around the end of the year as the central government wishes to avoid the inconvenience caused during the 2016 demonetisation, when the legal tender status of ₹500 and ₹1,000 value notes was ended immediately. Extending the legal tender status of ₹2,000 notes beyond September will give ample time to people staying abroad and the country’s missions to deposit any high-value notes they may have, with banks. The report states that a notification withdrawing the legal tender status of the ₹2,000 notes may be released after September 2023. <cmsannotation type="cmsannotation" annotationid="How to exchange ₹2,000 notes" comment="subhead" text="How to exchange ₹2,000 notes">How to exchange ₹2,000 notes</cmsannotation> There are two ways you can get rid of your ₹2,000 notes, besides spending them. <cmsannotation type="cmsannotation" annotationid="Deposit into your accounts" comment="subhead" text="Deposit into your accounts">Deposit into your accounts</cmsannotation> The easiest way is to deposit the ₹2,000 notes into your bank account. You can deposit ₹2,000 notes without any limit in your bank accounts, subject to the existing know-your-customer (KYC) norms. <cmsannotation type="cmsannotation" annotationid="Exchange at any bank" comment="subhead" text="Exchange at any bank">Exchange at any bank</cmsannotation> If you do not wish to deposit the ₹2,000 notes, you can also get them exchanged at any bank for notes of smaller denominations. However, unlike deposits, there is a daily limit on the amount that can be exchanged, to avoid disruption of regular banking services. You can exchange up to ₹20,000 per day, which equals to ten notes of ₹2,000. <cmsannotation type="cmsannotation" annotationid="How to exchange your ₹2,000 note" comment="subhead" text="How to exchange your ₹2,000 note">How to exchange your ₹2,000 note</cmsannotation> To exchange your ₹2,000 note, all you have to do is take these notes to your nearest bank between May 23 and September 30, 2023. You can exchange ₹2,000 notes at any bank, even if you do not have an account at that bank. <cmsannotation type="cmsannotation" annotationid="Do you need any ID or documents to exchange ₹2,000 notes?" comment="subhead" text="Do you need any ID or documents to exchange ₹2,000 notes?">Do you need any ID or documents to exchange ₹2,000 notes?</cmsannotation> Amid online reports that you will need an identity proof to exchange your ₹2,000 notes, the State Bank of India (SBI) has clarified that people will not have to carry or show an identity proof to exchange their ₹2,000 notes at banks. This also means that one person will be able to make multiple exchanges on the same day at different banks, despite the ₹20,000 limit. <cmsannotation type="cmsannotation" annotationid="PIL filed challenging exchange without identity proof" comment="subhead" text="PIL filed challenging exchange without identity proof">PIL filed challenging exchange without identity proof</cmsannotation> BJP leader and advocate Ashwini Kumar Upadhyay has <a href="https://www.businessinsider.in/india/news/pil-filed-against-rbi-sbi-notifications-permitting-rs-2000-note-exchange-without-id-proof/articleshow/100411563.cms">filed</a> a public interest litigation (PIL) in the Delhi High Court challenging the RBI and SBI notifications that allow people to exchange their ₹2,000 notes without having to present an identity proof. Upadhyay’s plea calls the decision arbitrary and irrational, and says it offends Article 14 of the Constitution of India, and is hence, inoperative. Further, Upadhyay has sought directions for RBI and SBI to ensure that ₹2,000 notes are deposited in respective bank accounts only so that no one can deposit black money into others accounts. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-to-return-soon-company-receives-permission-from-government/articleshow/100346259.cms">Battlegrounds Mobile India is relaunching soon, but government says final call only after a 3-month trial</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a>

₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered

Mumbai, The Reserve Bank on Friday said that as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement. "Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said. Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes. The <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> had announced the withdrawal of Rs 2000 banknotes from circulation on May 19, 2023.. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023. RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.

RBI says 93% of ₹2000 notes returned to banks

The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> on Friday claimed the <keyword id="21076266" type="General" weightage="20" keywordseo="counterfeit-notes" source="keywords">counterfeit notes</keyword> have become rife once again and termed as an "eyewash" the government's assertion that the overall number of counterfeit notes detected has fallen. The opposition party also claimed that <keyword id="21081475" type="General" weightage="20" keywordseo="counterfeiting" source="keywords">counterfeiting</keyword> has just moved rapidly to higher-value notes. Congress general secretary in-charge communications <keyword id="20035989" type="General" weightage="20" keywordseo="Jairam-Ramesh" source="keywords">Jairam Ramesh</keyword> asked what has the 2016 <keyword id="20747715" type="General" weightage="100" keywordseo="demonetisation" source="keywords">demonetisation</keyword> achieved if neither <keyword id="20592248" type="General" weightage="20" keywordseo="black-money" source="keywords">black money</keyword> nor counterfeiting has been curbed. "Eight years after the non-biological PM ground the economy to a halt through demonetisation, it appears that counterfeit notes have become rife once again - The number of counterfeit Rs 500 notes of the new series that have been detected has nearly quadrupled between 2018-19 and 2023-24. The number of fake Rs 2,000 notes has tripled since 2020-21," he claimed. "While the Government can claim that the overall number of counterfeit notes detected has fallen, this is an eyewash. Counterfeiting has just moved rapidly to higher-value notes, including those that were introduced specifically in the aftermath of demonetisation," Ramesh said in a post on X. "This admission of increased counterfeiting comes shortly after the non-biological PM himself made a stunning admission of the widespread prevalence of black money during the election campaign, accusing his favourites A1 and A2 of bearing tempos and sacks full of black money," he said. If neither black money nor counterfeiting has been curbed, what has demonetisation achieved, Ramesh asked. The Congress leader posted a screenshot of a Rajya Sabha question reply by Minister of State for Finance Pankaj Chaudhary which stated that measures have resulted in a decrease in the number of pieces of denomination-wise counterfeit notes detected/reported in the banking system from 3,17,384 in the year 2018-19 to 2,22,639 in the year 2023-24. Ramesh also posted a media report, which cited data submitted to Parliament by the government to point out that the new series of the Rs 500 note and the Rs 2,000 note - both introduced after demonetisation in 2016 - together account for just over 50 per cent of the number of counterfeit currency notes that have been detected. On November 8, 2016, Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> had announced on national television his government's decision to ban all currency notes of higher denomination of ₹500 and ₹1,000 from midnight on the same day.

If neither black money nor counterfeiting were curbed, what did demonetisation achieve, asks Congress

Ever since Donald Trump won the 2024 US presidential elections, bitcoin has been surging, going up over 40% in the last two weeks. Recently, the cryptocurrency soared past $97,000, having risen 8.32% in just the last 7 days, and is currently trading at $96,906.09. The overall crypto market is also buoyant, with the crypto volume jumping 10.06% over the past 24 hours to touch $198.83 billion. The markets are enthused about Bitcoin's prospects going ahead, given that Trump has hinted towards establishing a dedicated role in the White House for deliberating crypto policies. Trump has been vocally pro-crypto and had promised, during his presidential campaign, to scale back <keyword id="24085738" type="General" weightage="20" keywordseo="crypto-regulations" source="keywords">crypto regulations</keyword> and fire SEC chair Gary Gensler, who had initiated a crackdown on digital assets in the US. The crypto lobby in the US has been advocating for crypto-friendly SECs and access to banks. In a bid to do so, crypto companies have pumped in over $119 million to support pro-crypto candidates. Says Edul Patel, co-founder and CEO of Mudrex, "Market sentiment grew stronger from Bloomberg's report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176k price target by 2026 has driven BTC’s price to the $95K milestone and beyond." The ongoing rally is not restricted to just bitcoin but also extended to Solana and XRP, which gained 10.85% and 59.02%, respectively, over the last 7 days. But does this mean that good times are coming for <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> as well? Apurva Sheth, Head of Market Perspectives &amp; Research, SAMCO Securities, notes that bitcoin is a proxy for risk-taking in the markets. Bitcoin moving up means the risk appetite of investors is rising. Conversely, if it falls, then investors prefer safety." Both Nifty and Sensex have lost over 5% each over the last month. FIIs (<keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword>) have also been scrambling out of Indian markets, having withdrawn Rs 1,14,445.89 crores during October 2024 and offloading Rs 34,348.30 crore so far in November. During trade today, Nifty and Sensex remained in red, with Nifty down by 0.74% and Sensex down by 0.6%. DIIs (domestic institutional investors) have been trying to keep the market afloat in both October and November, pumping in Rs 31,636.77 crore in Indian markets in November so far. Last month, DIIs infused Rs 1,07,254.68 crore in the Indian markets. According to an NSE report, by the end of the previous quarter, FPIs holding in NSE-listed companies stood at 36.3%, despite the seventh consecutive quarterly decline. Previously, FIIs holding in listed companies had hit a record high of 39.9% in December 2021. In contrast, DIIs are increasingly making headway into the Indian markets. Active Domestic Mutual Funds (DMFs) have been increasing their investments in the NSE-listed companies. Their ownership in these companies has risen from 12.4% in December 2021 to 15.7% as of September 30, 2024. Banks and insurance companies have also expanded their market share. Their ownership in NSE-listed companies has grown from 8.8% three years ago to 11% as of pr quarter.

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

<ul class="summary-list"><li>Harvard students rigged their <a target="_blank" class="" href="https://www.businessinsider.com/meta-ray-bans-have-new-features-smart-glasses-2024-9">Meta Ray-Bans</a> to do facial recognition, 404 Media reports.</li><li>Meta's smart glasses can't do this by default, but in 2021, executives considered the idea.</li></ul>The idea of smart glasses that can dox people in real time — long a futuristic concept — is getting closer to reality.404 Media reported on two Harvard students who hacked <a target="_blank" class="" href="https://www.businessinsider.com/meta">Meta</a> Ray-Ban glasses to do just this. AnhPhu Nguyen and Caine Ardayfio created software that would scan a video stream from the smart glasses for faces and then identify them using the facial recognition tool <a target="_blank" class="" href="https://www.businessinsider.com/facial-recognition-company-pimeyes-sued-under-illinois-privacy-law-2023-12">Pimeyes</a>. Upon finding a face match, the software would track down other personal information like addresses and jobs. In a demo video, the students showed examples of finding a stranger on the subway and identifying where that person worked.It's important to note that the facial recognition wasn't executed on the glasses themselves. Meta Ray-bans can stream video to your Instagram account or to a device; the students fed that video into the software. All the rest — the facial recognition and retrieval of identifying details — was completed by a program on a laptop that worked separately from anything Meta had done.Nguyen told Business Insider that the experiment wasn't meant to show that <a target="_blank" class="" href="https://www.businessinsider.com/meta-ray-ban-smart-glasses-gen-z-friends-review-photos-2023-11">popular Meta Ray-Bans</a> are a problem."We do not want this to be a criticism of their product at all, and we just had them on hand —this could have been done on a phone camera," he said. "This is mainly a demonstration of what's possible today."Another goal of the experiment, he said, was to help spread awareness on how to <a target="_blank" class="" href="https://docs.google.com/document/d/1iWCqmaOUKhKjcKSktIwC3NNANoFP7vPsRvcbOIup_BA/edit">protect</a> yourself digitally against facial recognition software.This isn't the first time the two students have played around with a dangerous homemade technology: they also made a <a target="_blank" class="" href="https://x.com/CaineArdayfio/status/1841135434619109862">flamethrower that singed off Ardayfio's leg hair</a>.<h2 id="12eca401-6df2-4cc1-acf2-d7ebbcbe7e53">Meta's glasses can't recognize faces by default</h2>A spokesperson for Meta told Business Insider, "To be clear, Ray-Ban Meta glasses do not have facial recognition technology. From what we can see, these students are simply using publicly available facial recognition software on a computer that would work with photos taken on any camera, phone, or recording device."Glasses are more discrete than most recording devices, however, and hands-free. (Meta Ray-Bans feature a small light that glows while recording. The light was easy to <a target="_blank" class="" href="https://www.businessinsider.com/facebook-smart-glasses-ray-ban-light-recording-privacy-2021-9">cover with tape in the first model</a>, but the newer version prevents people from disabling it.)404 Media pointed out that other tech companies like Google have experimented with the idea of putting facial recognition in smart glasses, and then tossed the idea because it was too dangerous.Business Insider's Peter Kafka tested out <a target="_blank" class="" href="https://www.businessinsider.com/orion-meta-ar-smart-glasses-review-2024-9">Meta's new Orion smart glasses</a> prototype and found that it could do some really mind-blowing things that showed immense promise for the future of AR/VR wearables. But one thing that Orion does not do? Facial recognition.It's important to note, however, that Meta executives have considered adding the tech to its smart glasses.<h2 id="9a879719-f0c1-4e65-b7b2-97a98973dafa">Meta considered adding facial recognition</h2>In early 2021, BuzzFeed News <a target="_blank" href="https://www.buzzfeednews.com/article/ryanmac/facebook-considers-facial-recognition-smart-glasses">reported</a> that Andrew Bosworth, now Meta's CTO and head of their Reality Labs department, had said at a companywide meeting that Meta was weighing whether it had the legal capacity to offer the software in its smart glasses."Face recognition ... might be the thorniest issue, where the benefits are so clear, and the risks are so clear, and we don't know where to balance those things," Bosworth said in response to an employee question, according to BuzzFeed. He said one benefit could help you, or anyone with face blindness, remember someone's name at a dinner party.At the time, Bosworth followed up with a (now deleted) tweet saying, "Face recognition is a hugely controversial topic and for good reason and I was speaking about was how we are going to have to have a very public discussion about the pros and cons." Meta Ray-Ban smart glasses debuted a few months later in the fall of 2021.It's now been three years since Meta executives weighed the possibilities of facial recognition in smart glasses — and no such feature has yet been added. And it isn't because it's too much of a technical challenge (hey, a couple of college kids can do it!).It would appear that Meta has decided that either consumers find it too creepy or that doing it is too legally thorny. Illinois, Texas, and the European Union have laws against certain uses of facial recognition technology.Legal issues aside, consumer attitudes change. When the Meta Ray-Bans first launched, many people were freaked out by the idea of camera glasses. But over the last few years, the glasses have become a hit product. Meta has sold more than 700,000 pairs since last October, according to the market intelligence firm IDC. It's possible that at some point in the future, facial recognition in glasses will seem like a welcome convenience rather than a privacy nightmare.

Harvard students made Meta Ray-Bans do facial recognition. Meta execs once thought this was a good idea.

<ul><li>A top public sector bank was asked to return all ₹2,000 notes in its possession to currency chests on Friday.</li><li>Third-party ATM service providers have been instructed to replace ₹2000 note cassettes in ATMs with cassettes for the new ₹100 note at multiple banks, including those in the private sector.</li><li>Sources told Business Insider that the move is unlikely to have anything to do with fake notes because branches have their own machines to authenticate currency.</li></ul>At least one top public sector bank has recalled all its ₹2,000 notes on an "emergency" basis from multiple branches on Friday, according to sources. Even branches who were holding on to only four such notes were told to return them to currency chests — where banknotes are stored on behalf of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). The directive came after employees at the bank were issued instructions from the central office to <a href="https://www.businessinsider.in/finance/news/exclusive-a-top-public-sector-bank-told-employees-to-restrict-the-circulation-of-2000-notes/articleshow/74004756.cms?src=hp_trend">no longer re-load ₹2,000 notes into ATMs</a> or dispense them to people making withdrawals. Customers, however, need not panic as the banks are still accepting ₹2,000 notes from individuals making a deposit. And, they are still legal tender. 
 
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 New ₹100 notes for ₹2000 Sources at the bank — whose identity we confirmed, requested anonymity because they were not authorised to speak publicly — told Business Insider India that third-party ATM service providers were given instructions to replace the ₹2000 note cassette in ATMs with cassette for new ₹100 notes for multiple banks, including those in the private sector. 
 
 
 
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 These instructions carried out at by bank branches. But, our sources confirmed that such instructions — to change how an ATM will dispense cash — cannot be issued at a branch level and had to have come from higher up. The RBI is yet to respond to Business Insider's queries on the same. From tackling the issue of <keyword id="6359321" type="UNKNOWN" weightage="20" keywordseo="fake-currency">fake currency</keyword> to banning the ₹2,000 altogether, there are many reasons behind why the government might be clamping down India's highest denomination. It's not about fake currency When the ₹2,000 note was first introduced into the economy after the massive demonetisation exercise in 2016, the RBI assured citizens that the note was as secure as it can be. 
 
 
 
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 However, the incidence of fake ₹2000 notes being seized has been on a rise. In 2017, 53.5% of the value of fake currency seized by law enforcement agencies was made up of ₹2000 notes, according to data collected by the National Crime Records Bureau (NCRB). By 2018, it further escalated to comprise of 61.1% value share in seized fake currency. 
 
 
 
 
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 As recently as Sunday, a passenger travelling in from Dubai was arrested in Mumbai at the international airport for being in possession of ‘high quality' fake currency notes worth nearly ₹24 lakh. Nearly 99% of the notes of the value — ₹23.86 lakh — was made up of 1,193 ₹2000 denomination notes. 
	
 
 
 
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 However, sources tell Business Insider that it is unlikely that the RBI would recall ₹2000 notes over a fake currency issue. "They wouldn't have taken such a big step and would have put the responsibility on the branch," they said. Bank branches are equipped with fake currency detection machines to detect fraudulent notes. If the central office or the RBI suspects an outbreak, each branch is asked to cross-check all the currency in their possession and issue a verification certificate — attested by the branch in-charge — that all the currency in their possession is real. Simmer down circulation so that a ₹2000 note ban isn't disruptive At the time of demonetisation, the ₹2000 note was an easy way to infuse a large amount of cash into the system as the government raced to stay ahead of the economy. However, with smaller denominations returning to the system — its role became less significant. 
	
 
 
 
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 In October last year, the RBI said that it had stopped the production of ₹2000 notes in response to a right to information (RTI) enquiry. In November 2019, former finance secretary, <a href="https://www.bloombergquint.com/politics/demonetisation-anniversary-rs-2000-notes-being-hoarded-should-be-demonetised-subhash-chandra-garg">Subhash Chandra Garg</a> said, "A good chunk of ₹2,000 notes are actually not in circulation, having been hoarded. ₹2000 note, therefore, is not presently working as a currency of the transaction. It can be demonetised, without causing any disruption." Higher denominations, like a quick fix, come with their own set of problems. Analysts have repeatedly pointed out that high-value notes are a desirable store of value for criminals. In fact, they work against the very purpose of demonetisation — to wipe out black money, money laundering, tax evasion and terror funding. 
 
 
 
 
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 Despite these issues, in December, the Minister of Finance <a href="https://www.livemint.com/politics/policy/no-proposal-to-stop-circulation-of-rs-2-000-currency-notes-government-11575375669359.html">Anurag Singh Thakur</a> told the Rajya Sabha — higher house of Parliament — that the government had no plans to stop the circulation of the ₹2000 note. This was after many rumours were rife about a possible ban on it. Sources told Business Insider that restricting the supply for ₹2,000 notes could be RBI's way of restricting the note's circulation, so that if the note is eventually demonetised — it will not cause a big disruption. More so, it could be a precursor of sorts. See also: <a href="https://www.businessinsider.in/finance/news/exclusive-a-top-public-sector-bank-told-employees-to-restrict-the-circulation-of-2000-notes/articleshow/74004756.cms">A top public sector bank told employees to restrict the circulation of ₹2,000 notes</a> <a href="https://www.businessinsider.in/highlights-of-rbi-governor-shaktikanta-das-speech/articleshow/73977878.cms">'Don't discount the RBI' ⁠— that and other top highlights of RBI governor Shaktikanta Das speech</a>

Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes

The 54th <keyword id="19994390" type="General" weightage="100" keywordseo="GST-council" source="keywords">GST Council</keyword> meeting, scheduled for today, could bring a pivotal change to the taxation of <keyword id="20971977" type="General" weightage="20" keywordseo="health-insurance-premiums" source="keywords">health insurance premiums</keyword>, with the possibility of reducing the current GST rate. As per an <keyword id="23091874" type="General" weightage="20" keywordseo="ANI-report" source="keywords">ANI report</keyword>, the Council is considering a substantial <keyword id="20158303" type="General" weightage="20" keywordseo="reduction" source="keywords">reduction</keyword> in the GST applied to health insurance premiums, a move expected to benefit both individuals and the elderly. At present, these policies are subject to an 18% GST. Discussions within the Council's fitment committee, composed of both central and state <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> authorities, took place on Sunday, weighing the potential advantages and drawbacks of such a reduction. Today, a detailed report concerning the GST levied on life, health, and reinsurance premiums will be tabled, highlighting its revenue implications. Following the presentation, the Council will debate the merits of adjusting the GST rate on health insurance premiums. According to the ANI report, a source said that the Council is leaning towards removing the 18% GST on individual health insurance premiums entirely. However, group health insurance policies are likely to retain the existing tax rate. Additionally, there is a proposal under consideration to introduce a tax on online payments exceeding Rs 2,000. Currently, transactions made via online payment platforms remain untaxed. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> leads the GST Council, with state ministers serving as members. In a previous meeting, the Group of Ministers tasked with reviewing GST rates discussed potential reforms in the health insurance sector. Bihar’s Deputy Chief Minister, Samrat Chaudhary, who heads this group, indicated that suggestions for changes in insurance tax rates were actively being examined. West Bengal’s Finance Minister, Chandrima Bhattacharya, also advocated for reducing the 18% GST rate on life and health insurance, noting that the fitment committee was assessing the request. During the Council's last meeting in June, Finance Minister Sitharaman introduced several key reforms, including Aadhaar-based biometric integration and exemptions in railway services.

GST council meeting today: Tax on health insurance premiums expected to be reduced, says report

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Saturday edition! Eating healthy just got a lot easier. A longevity <a target="_blank" href="https://www.businessinsider.com/blue-zone-superfoods-2-protein-rich-ingredients-you-should-eat-to-live-longer-prevent-disease-2024-6">expert says two pantry staples</a> are actually the cornerstone of a hearty diet.On the agenda:<ul><li>A 64-year-old says she reversed her biological age <a target="_blank" href="https://www.businessinsider.com/grandmother-reverse-aging-simple-diet-workout-2024-6">with a simple, cheap diet</a>.</li><li>Taylor Swift knew exactly what she was doing <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-onstage-eras-tour-explained-2024-6">bringing Travis Kelce onstage</a>.</li><li>The first-ever Delta One Lounge is <a target="_blank" href="https://www.businessinsider.com/delta-one-new-lounge-new-york-jfk-amenities-skyclub-2024-6">just as bougie as you'd expect</a>.</li><li>Summer camps are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">cracking down on "Sephora Kids."</a></li></ul>But first: It's time to talk about work BFFs.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" rel="" href="https://www.insider.com/app">here.</a><h3 id="2d2d81c1-e984-4ab1-b11e-26ada0d3da0b">This week's dispatch</h3><div type="image" title="paper chain of people holding martinis" height="1000" width="2000" msid="111364321" hostid="261" sizebytes="139638"></div><h2 id="645baf8d-d777-410c-87f2-07489fc8e2c5">To friend or not to friend — that is the question</h2>Lisa. Nicole. Malorie. Those are the names of my work besties from newsrooms across New York City.They made the intensity of meeting deadlines bearable, offered great conversation during otherwise monotonous lunch breaks, and gave me much-needed companionship while working well beyond 40 hours a week.A few years ago, this wouldn't have seemed revelatory. But now, with hybrid work in full swing, having a work best friend has become rarefied air, and there's a growing debate around whether it's even worth it to have work friends at all.Business Insider's Emily Stewart said it may be a good thing that <a target="_blank" href="https://www.businessinsider.com/work-friends-are-over-remote-jobs-gen-z-relationships-pandemic-2024-6">work friendships are disappearing</a>. She writes, "After years of being told to bring our whole selves to work, many of us could stand to leave a little more at home."Meanwhile, BI's Madison Hoff and Ayelet Sheffey noted that a <a target="_blank" href="https://www.businessinsider.com/work-friends-spouses-loneliness-remote-hybrid-benefits-of-work-connections-2024-6">lack of work friendships is bad news</a> for not only companies, but employees too. "Humans need each other and collaborate more effectively when they have real relationships," Gallup's director of research Ben Wigert told them.Personally, I can't help but form friendships at work. Blame my southern upbringing or the fact that I've seen how connection benefits me — and the quality of my work.So, what do you think? <a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSfug9HU2bc0JLGykX3BU_63SaD5k6eYInf6CDGfrrFX2tpEAQ/viewform?usp=sf_link">Let me know if you're for or against work friendships</a>.<div type="image" title="Amy Hardison surrounded by a salad, cookie, and a piece of ginger" height="1500" width="2000" msid="111364326" hostid="261" sizebytes="283388"></div><h2 id="25972407-118e-4094-9bfc-af314469f571">An age-reversing diet</h2>Amy Hardison, a 64-year-old grandmother of 11, has earned a top spot in the Rejuvenation Olympics. She's even outpaced Bryan Johnson, the tech CEO who spends $2 million a year on his longevity routine.While Hardison said she spends about $300 a month on supplements, the rest of her longevity routine is cheap or free. She said she does exercises she enjoys, eats homemade bread, and always has dessert.<a target="_blank" href="https://www.businessinsider.com/grandmother-reverse-aging-simple-diet-workout-2024-6">More longevity tips from the 64-year-old</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/healthy-active-100-year-old-science-backed-longevity-tips-2024-6">A healthy, active 100-year-old shares her 3 science-backed tips for living a long, happy life</a></li></ul><div type="image" title="Taylor Swift and Travis Kelce" height="1500" width="2000" msid="111364323" hostid="261" sizebytes="136910"></div><h2 id="df95cb96-005b-41a3-8f57-958b88d05210">A move from the Swiftian playbook</h2>Taylor Swift has practically trained fans to analyze her actions for potential easter eggs. Just like her songs and social media posts, there's a lot to unpack in the decision to bring boyfriend Travis Kelce onstage at the Eras Tour show in London.The Kelce feature is a callback to the success of Swift's "1989" era, when she basked in the public spotlight. It's also a savvy business move: She's leveraging peak headline dominance with a maximalism true to her brand.<a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-onstage-eras-tour-explained-2024-6">Taylor Swift, business mastermind</a>.<h2 id="88f8b271-369c-400b-b917-c622ac809feb">Inside the first Delta One Lounge</h2>Delta Air Lines just unveiled its first-ever business-class lounge, located in New York's John F. Kennedy International Airport.The highly anticipated lounge — which comes in at nearly 40,000 square feet — offers high-class perks like a wellness center, terrace, and full-service restaurant. BI's reporter got a tour, and says it's the best lounge of its kind.<a target="_blank" href="https://www.businessinsider.com/delta-one-new-lounge-new-york-jfk-amenities-skyclub-2024-6">Check out the new lounge</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/affordable-luxury-air-travel-on-the-rise-private-jets-2024-6">Luxury air travel is on the rise. Experts say you don't have to be rich to experience it</a>.</li></ul><div type="image" title="Illustration of a teddy bear with makeup in front of campgrounds and cabins." height="1500" width="3000" msid="111364317" hostid="261" sizebytes="1234734"></div><h2 id="bf004fe2-34a7-4629-962e-23320e1a416c">Summer camps crack down on "Sephora kids"</h2>In the past year, beauty influencers on TikTok have helped turn niacinamide serums and eye creams into playground status symbols. But high-end summer camps are drawing a line in the sand.Some have sent letters to families demanding kids leave their luxury skincare at home. But for every parent relieved by this crackdown, there's a kid who's upset about leaving their mini-fridge full of creams behind.<a target="_blank" rel="noopener" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">More on camps' skincare bans</a>.<div type="image" title="What to stream this weekend." height="1500" width="3000" msid="111364319" hostid="261" sizebytes="158684"></div><h2 id="8a5d6303-9fa1-4e88-b08a-df48e3763d7e">What we're watching this weekend</h2><ul><li>"The Bear": The third season of the critically acclaimed comedy-drama is now on Hulu.</li><li>"I Am: Celine Dion": This intimate new documentary about the iconic singer and her health struggles with stiff-person syndrome serves as a "love letter" to her fans.</li><li>"Owning Manhattan": Netflix's latest reality series centers on the glamorous lives of luxury realtors selling multimillion-dollar properties in New York City.</li></ul><a target="_blank" href="https://www.businessinsider.com/best-tv-shows-movies-streaming-netflix-hulu-prime-june-28-24">See the full list.</a><div type="image" title="A red shopping bag surrounded by $100 bills." height="1500" width="2000" msid="111364324" hostid="261" sizebytes="244828"></div><h2 id="a09a70ef-5e7e-4bf4-80b2-3731f70bdc6e">Deals we love</h2><ul><li>Sweet dreams: Heads up hot sleepers — we found the <a target="_blank" href="https://www.businessinsider.com/guides/home/best-cooling-pillow">10 best cooling pillows</a> to help you stay chill at bedtime.</li><li>Independence Day deals: Tons of stores are celebrating the 4th of July with a sale. <a target="_blank" href="https://www.businessinsider.com/guides/deals/the-best-4th-of-july-deals-2024-6">Here are the best ones</a> from our favorite home, kitchen, and outdoor brands.</li><li>Viral swimsuits for summer: TA3 may not have made it with Shark Tank's investors, but the brand is blowing up on TikTok for its <a target="_blank" href="https://www.businessinsider.com/guides/style/ta3-swimsuit-review">waist-snatching swimsuits that we love</a>.</li></ul><h2 id="3a2e4b99-8063-4f80-8653-d1ec4a2af89a">More of this week's top reads:</h2><ul><li>A summer in Europe costs <a target="_blank" href="https://www.businessinsider.com/american-moving-to-europe-cheaper-than-us-summer-camp-2023-7">less than sending her kid to camp in the US</a>.</li><li>The Hamptons are back. Here are the <a target="_blank" href="https://www.businessinsider.com/hamptons-hot-spots-visitors-buyers-from-real-estate-agent-2024-6">hottest places to see and be seen this summer</a>.</li><li>What it's like to move <a target="_blank" href="https://www.businessinsider.com/millennial-teacher-moved-to-florida-enjoys-beaches-community-more-expensive-2024-6">from Colorado to Florida</a>.</li><li>Six places where you can <a target="_blank" href="https://www.businessinsider.com/countries-where-luxury-vacations-cost-less-us-dollar-is-strong-2024-6/">travel in luxury — on a budget</a>.</li><li>A stay in Arizona's top hotels shows why <a target="_blank" href="https://www.businessinsider.com/hotels-why-scottsdale-hot-luxury-travel-destination-hermosa-inn-phoenician-2024-6">Scottsdale is a luxury travel hotspot</a>.</li><li>You can book free <a target="_blank" href="https://www.businessinsider.com/tried-free-personal-styling-appointments-nordstrom-saks-worth-it-2024-6">personal-styling appointments at Nordstrom and Saks</a>.</li><li>I went on a trip with my 91-year-old grandmother <a target="_blank" href="https://www.businessinsider.com/intergenerational-trip-swizterland-grandmother-2024-6">to her home country</a>.</li><li>Review: Flying 22 hours in <a target="_blank" href="https://www.businessinsider.com/flying-turkish-airlines-business-class-lounge-istanbul-review-2024">Turkish Airlines' business class</a>.</li><li>A couple saved thousands on their wedding <a target="_blank" href="https://www.businessinsider.com/focused-our-spending-afford-our-dream-wedding-2024-6">by focusing on these details</a>.</li><li>I bid $290 for a premium economy seat on a 10-hour flight. <a target="_blank" href="https://www.businessinsider.com/bid-on-premium-economy-seat-long-haul-flight-lufthansa-2024-6">I'm glad I didn't win</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/joi-marie-mckenzie">Joi-Marie McKenzie</a>, editor in chief of life, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. Grace Lett, associate editor, in Chicago. Amanda Yen, fellow, in New York.

Insider Today: Delta's bougie new lounge

<ul class="summary-list"><li>US stocks edged higher into record territory after inflation cooled more than expected in June.</li><li>The 10-year Treasury yield dropped as investors eyed a clearer path for the Fed to cut rates. </li></ul>US stocks edged higher on Thursday after the <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">June consumer price index</a> report showed inflation cooled more than anticipated last month.The S&amp;P 500 and Nasdaq hovered near record highs. The 10-year Treasury yield dropped nine basis points to 4.181%, while the two-year note fell 14 basis points to 4.49%.Last month, CPI rose 3% on an annual basis versus expectations of 3.%. Month-over-month, CPI declined 0.1%, on expectations for a 0.1% rise.A drop in gas prices helped the broader reading, and high housing costs also showed signs of easing, recording their slowest rate of growth since 2022.The reading should help pave the way for the Federal Reserve to start cutting interest rates. Odds of a cut at this month's policy meeting edged slightly higher after the CPI report dropped, though the strongest odds are still for a September cut. According to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>, investors see about an 80% chance of a rate cut in September, with odds growing for another cut at either the November or December meeting."The latest inflation numbers put us firmly on the path for a September Fed rate cut," Seema Shah, chief global Strategist at Principal Asset Management, said. "The smallest gain in core CPI since 2021 surely gives the Fed confidence that Q1's hot CPI readings were a bump in the road, and builds momentum for multiple rate cuts this year."Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,640.36, up 0.1%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,789.77, up 0.2% (68 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,646.76, unchanged</li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/congress-stock-trading-ban-bipartisan-senate-deal-hawley-merkley-2024-7">Congress is taking another shot</a> at banning members and their families from trading stocks.</li><li><a target="_blank" href="https://www.businessinsider.com/how-trump-win-impacts-stocks-goldman-sachs-2024-7">Here's what a Trump win would do</a> for the stock market, according to Goldman Sachs.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/bonds/fixed-income-credit-yields-interest-rate-recession-cooldown-risk-pimco-2024-7">Credit markets are too risky</a> and too vulnerable to shocks to be worth it for investors right now, PIMCO said</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were higher.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets"> West Texas Intermediate</a> crude rose 0.2% to $82.30 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, increased 0.2% to $85.26 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 1.3% to $2,411 per ounce.</li><li>The 10-year Treasury yield fell nine basis points to 4.181%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> climbed 1.3% to $58,014.</li></ul>

The inflation report is great news for the prospect of a rate cut

<ul><li>A top public sector bank has told its employees to no longer stock ₹2,000 notes in ATMs today onwards.</li><li>But customers need not panic as these banks are however told to accept ₹2,000 notes from individuals coming in to make a deposit. </li><li>According to an email accessed by Business Insider India, it also instructs senior management to no longer issue the denomination for withdrawals via cheque either. </li></ul>A top public sector bank’s employees were told by the senior management not to dole out ₹2,000 notes during bank withdrawals. They were also instructed to not stock the denomination at ATMs as well. As per an email viewed by Business Insider India, at least one public sector bank has issued instructions to senior management to keep ₹2,000 notes out of circulation. But customers need not panic as the bank employees were told to accept ₹2,000 notes from individuals making a deposit. The email states, “This will be formally communicated soon.” Sources at the bank — whose identity we confirmed, requested anonymity because they were not authorized to speak publicly — said that after the directive was issued, senior officials called branch managers to confirm that it was being executed in the morning. They were told to ensure that only denominations of ₹500, ₹200 and ₹100 are loaded into ATMs. “The supply of ₹100 notes will be increased through currency chests for which a special drive is being undertaken,” said the email. However, it was also communicated that the written instruction was a mistake and was not supposed to be communicated as such — although the instruction to “restrict” the circulation of ₹2,000 banknotes nationwide, still stands. No explanation was given to explain the exercise was being undertaken. Business Insider has written to the RBI awaiting a response from the central bank. <div type="Article" hostid="261" msid="74061047" title="Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes" mstype="2" mssubtype="0"></div>

 <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">Public sector banks</keyword> across the board hold back ₹2,000 notes We at Business Insider tried to withdraw money from multiple public sector banks across the nation. We presented a cheque to the State Bank of India in New Delhi, the cashier told us that he was unable to issue ₹10,000 in ₹2,000 denominations because they only had one note left. Officials tell us that’s an improbable situation for a city branch, which deals in high traffic on a daily basis, to lack stock of any denomination. A Bank of Baroda ATM and a Canara Bank ATM in Mumbai only dispensed ₹500 notes while trying to withdraw ₹4,000 and ₹6,000 respectively. However, an Andhra Bank ATM did dispense ₹2,000 notes. A flood of fake notes The move comes less than a month after the National Criminal Records Bureau (<a href="https://www.indiatoday.in/india/story/so-easy-to-copy-rs-2-000-notes-make-56-of-all-seized-fake-currency-shows-ncrb-data-1636965-2020-01-15">NCRB</a>) data revealed that there was a flood of fake notes in the market after demonetisation. According to their data, 56% of all ₹2,000 notes seized from were fake. Two days ago, 13 individuals were <a href="https://www.newindianexpress.com/cities/hyderabad/2020/feb/05/fake-currency-racket-busted-13-arrested-in-hyderabad-2099244.html">arrested in Hyderabad</a> in a fake currency racket where denominations of ₹500 and ₹2,000 were being printed on scanner-cum-colour printing machines. A task force seized currency notes with the face value of ₹17.7 lakh. The RBI isn’t printing anymore ₹2,000 notes In reply to a Right to Information (<a href="https://www.businesstoday.in/current/economy-politics/rbi-stopped-printing-rs-2000-currency-notes-reveals-rti/story/384992.html">RTI</a>) query, the RBI said that the printing of ₹2,000 currency notes has been stopped altogether in October 2019. At the time, RBI did not issue a clarification for the measure but analysts said supply of high-denomination notes was being limited to keep people from hoarding them. They also pointed out that the optimal level of ₹2,000 notes has been reached — 31.2% in terms of value and 3% in terms of volume. In 2016-17, the RBI claimed that it printed 3,544.991 million notes. Next year, it printed 111.507 notes, which reduced further to 46.690 million notes in 2018-19. According to RBI data, there were 3,363 million notes in circulation at the end of March 2018. See also: <a href="https://www.businessinsider.in/policy/economy/news/highlights-of-rbi-governor-shaktikanta-das-speech/articleshow/73977878.cms">'Don't discount the RBI' ⁠— that and other top highlights of RBI governor Shaktikanta Das speech</a> <a href="https://www.businessinsider.in/business/news/hike-in-deposit-insurance-wont-hit-bank-balance-sheets-rbi/articleshow/73980226.cms">Hike in deposit insurance won't hit bank balance sheets: RBI </a><a href="https://www.businessinsider.in/finance/news/bankers-reveal-why-rbi-is-quietly-rolling-back-the-2000-notes/articleshow/74061047.cms?src=hp_ts">Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes</a>

You Searched For "2000 rs note ban news today" and got 12 results

RBI to withdraw ₹2,000 currency notes from circulation, will continue to be legal tender

Katya Naidu

No need to rush to banks as there’s 4 months time says RBI governor on pulling ₹2,000 notes off circulation

Katya Naidu

₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered

Sourabh Jain

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